MONEY TRANSFER

1.           Outward Remittance
1.1        Overseas outward remittance
 
Outward money transfers are made by Vietcombank for legitimate current transactions, capital transactions and unilateral transfers. Customers can choose to tranfer by T/T remittances or bank drafts. Sources of foreign currencies to be transferred can be either from customer’s foreign currency current accounts or buying from Vietcombank.
Customers
 
The service is offered to all kinds of customers.
 
Benefits      
  • Simple and convenient procedure;
  • Quick, secured,  and low cost;
  • Able to transfer in many foreign currencies;
  • Customers’ transaction information is kept strictly confidential;
  • Vietcombank’s nation-wide branch-network and over 1.400 correspondent banks all over the world to meet customers’ demands at anywhere, and anytime.

To use

  • Customers are required to present:   Payment order;
  • Documents to prove the legitimate purpose for transferring.
 
Forms
 
Overseas Outward Remittance form of Vietcombank (See here)
 
Fees
 
Current Terms and Conditions of Vietcombank (See here)
 
Contacts
 
For further information relating to the service, please contact: (See here)
 
 
1.2        Domestic outward remittance
 
 Domestic outward remittance is the service of transferring money domestically upon customers’ request . Customers can hand in cash over-the-counter or order the Bank to debit  their accounts opened with the Bank to transfer into a beneficiary’s account opened with Vietcombank  with any other domestic banks.
 
Customers
 
The service is offered to any kinds of customers.
Benefits
 
Most of domestic banks, joint venture banks as well as foreign banks’ branches in Vietnam have their voustro accounts opened with Vietcombank. Therefore, customers can enjoy low cost, short time transaction when using this service of Vietcombank.
 
To use
 
·         Customers can visit any Vietcombank’s branches  or transaction points to request the Bank to tranfer money easily.
·         Fill in  the given Remittance Form of Vietcombank.
 
 
Fees
 
Current Terms and Conditions of Vietcombank (See here)
 
Forms
 
Current forms of Vietcombank (See here)
 
Contacts
 
For further information, please contact: (See here)
 
2.           Inward Remittance
2.1        Inward Remittance from Overseas

Foreign currencies received from overseas are transferred to customers in a secured – short time - convenient maner. Customer can receive money in VND or in any foreign currencies at any transaction points of Vietcombank nationwide.

 Benefits
 
  • Simple and convenient procedure;
  • Quick, secured money transfer at low cost;
  • Able to transfer in many kinds of foreign currencies;
  •  Customers’s transaction information is kept strictly confidential;
  • Vietcombank’s nation-wide branch-network and over 1.400 correspondent banks all over the world to meet customers’ demands at anywhere, anytime.
To use
  • When receiving money from foreign banks, Vietcombank will credit customers’ account according to the  instruction of the ordering institution and advise customers of the incoming money.
  • In order to receive money quickly and at low cost, customers should instruct the sender to transfer money from one of the correspondent banks of Vietcombank (list of the correspondent banks - See here) and provide clear and accurate information about the beneficiary. For example:
1.    Account Holder and account number;
2.    Bank of Beneficiary: Name, address and SWIFT code of Vietcombank branch, for example:
                                 Bank For Foreign Trade of Vietnam, Hochiminh Branch,
      29 Ben Chuong Duong, Dist.1, Hochiminh City, Vietnam.
      SWIFT CODE: BFTVVNVX007
      CHIPS UID: CH343773.
 
2.2        Domestic Inward Remittance
 
Domestic Inward Remittance is the service of paying to customers basing on orders of other institutions that are sent to Vietcombank through payment channels of the State Bank of Vietnam.
Customers
 
Any customers who need to use the service.
 
Benefits
 
  • Customers can receive money at any transaction points of Vietcombank nationwide.
  • Fastest transfer due to Vietcombank’s advanced technology and modern information-processing system.
 
To use
 
To receive money fast, customers should instruct the sender to provide the transferring bank with clear and accurate information about the beneficiary.
·         Name, address, business license number, account number, ID/passport number…
·         Bank of Beneficiary: Name, address, SWIFT code of Vietcombank branch.
 
Fees
 
Current Terms and Conditions of Vietcombank (See here)
 
Contacts
 
For further information, please contact: (See here)

EXPORT PAYMENTS

 1.   Advising and Amending L/C 
 
When receiving L/C or amendment of L/C, Vietcombank will check the authenticity of the L/C or the amendment of L/C and inform customers by telephone. The original L/C will be handed over directly to customers at Vietcombank’s office or sent to customers by post.
 
Customers
 
Export enterprises
Benefits
·         Fast check of the authenticity of L/C due to Vietcombank’s wide network of correspondent banks.
·         With profound knowledge and experience in international payments, Vietcombank will draw customers’ attention to unfavorable terms and conditions of L/Cs for exporters.
·          Customers can get professional advice on payment terms, content of L/C and choosing the issuing bank before signing export contracts from Vietcombank without any charges.
·         Choosing Vietcombank as the advising bank will help importers reduce procedures and save cost, therefore, the competitiveness of exporters will be enhanced .
 
To use
 
·         Customers should require importers to open L/C advised by Vietcombank.
·         In order to be paid safely, exporters should use charge-free professional advice of Vietcombank on payment terms and choosing the issuing bank before signing commercial contracts.
 
Fees
 
Current Terms and Conditions of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on the products. (See here)
 
 
2.    Confirming L/C  
 
Vietcombank commits to pay or accept to pay in due payment time for the documents presented in conformity with terms and conditions of L/Cs issued by the issuing bank. 
Customers
 
Export enterprises
Benefits
Customers are ensured to be paid by Vietcombank in order to avoid the risk of default of foreign banks and importers. 
To use
Customers should require the importer to open L/C with terms and conditions as follows:
·         Allow to be confirmed (with confirmation or may add confirmation);
·         Nominate Vietcombank to be the confirming bank and paying bank;
·         Allow to ask for paying money by T/T or ask the refunding bank to pay or allow to debit accounts of the issuing bank at Vietcombank.
1.     Choose issuing banks that have credit line granted by Vietcombank;
2.     Customers should use advice service of Vietcombank on paying terms before signing commercial contract including a term of using L/C confirmation through Vietcombank.
Fees
 
Current Terms and Conditions of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on the products. (See here)
 
3.    Collecting Documents and Payment of L/C
 
·         Documents under L/C:
1.     Vietcombank will receive and send the documents, check the documents, note all mistakes and recommend amendments.
2.     If the documents are not discounted, Vietcombank will make a payment order according to the L/C and credit customer’s account as soon as receiving payment from foreign bank.
 
3.     If the documents are discounted, Vietcombank will credit the customer’s account according to the discount agreement between the customer and Vietcombank .
 
·         Documents under collection:
Vietcombank will receive the documents, make and send a payment order according to customer’s instruction and will credit customer’s account as soon as receiving payment from foreign bank. 
 
Customers
 
Export enterprises
Benefits
 
·         Check the documents and note all errors, mistakes and recommend amendments (if any);
·         Assist customers in keeping track of the documents ;
·         Help customers to receive money quickly at low cost;
·         Assist customers in checking and negotiating with foreign banks if troubles occur.
 
To use
 
  • Documents under L/Cs:
    1. Customers need to request importers to open a L/C having a condition that Vietcombank is nominated (available with Vietcombank) or L/C can be paid at any bank (available at any bank). In case L/Cs nominated a different bank, Vietcombank will receive and send the documents and be exempted from checking the documents. 
    2. Customers present the documents within the time-limit stipulated in the L/C. If the L/C does not stipulate, the time-limit is understood to be 21 days from the date of goods delivery. Customers should present the documents before the expiry date so that Vietcombank can have enough time to help customers check and correct mistakes.
  • Documents under collection: Customers present the documents at Vietcombank and make the collection order.
 
Fees
 
Current Terms and Conditions of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on the products. (See here)
 
4.   Documents Discounting With Recourse
 
Vietcombank will make an advance at a given discounting rate on the amount of the payment documents under L/C or collection. If the foreign bank later refuses to pay the document, Vietcombank is entitled to recourse money from customers.
 
Customers
 
Export Enterprises who offer deferred payment to importers, but wish to receive money in advance to support their business.
 
Benefits 
 
Customers will be paid in advance before the payment date stipulated in the L/C or the   collection order is paid, therefore, customers can ensure their working capital, increase the liquidity of the documents. Customers can plan the cash flow actively. In addition, Customers can enhance their competitiveness when granting credit to their customers by accepting deferred payments.
 
To use
 
Customers shall request Vietcombank in written on discounting the documents which must satisfy the following requirements:
  • The documents are completely in conformity with terms and conditions of L/C, applied law, international regulations and practices.
  • All original bills of lading are presented at Vietcombank or made by the order of Vietcombank (if discounting the collection documents).
 Fees
 
Fee schedule (See here)
 
Contacts
 
Please contact one of our specialists for further information. (See here)
 
5.   Documents Discounting without recourse:
 
Vietcombank buys the document as a given discount rate
 
Customers
 
Export Enterprises offer deferred payment to importers, but wish to receive money in advance to support their business.
 
Benefits
 
Customers will be paid in advance before the payment date stipulated in the L/C or the collection order is paid and will not have to refund even if foreign banks refuse to pay. Therefore, customers can ensure the capital for their business and enhance their competitiveness by granting credit to their customers by accepting deferred payments.
 
To use
 
Customer need to request Vietcombank on paper to discount the documents and the documents must satisfy the following requirements:
  • The issuing bank or confirming bank is a prestigious bank having discounting limit without recourse at Vietcombank.
  • Bills of lading are made to the order of the issuing bank or confirming bank. All original bills of lading are presented at Vietcombank.
  • The documents are completely in conformity with terms and conditions of L/C, the applied law, international regulations and practices.
  Fees
 
Fee schedule (See here)
 
Contacts
 
Please contact one of our specialists for further information. (See here)
 
6.   L/C transfers
 
  • Vietcombank makes L/C transfers by the request the first beneficiary. The first beneficiary may request to transfer all or a part of the L/C value.
  • Vietcombank shall advise the second beneficiary.
  • Vietcombank shall receive documents and send for payment.
 Customers
The service is useful for enterprises acting as import- export intermediaries.
 
Benefits
 
  • The second beneficiary is ensured to be paid and has the rights to request the drawing bank stated in the original L/C to make payment.
  • The first beneficiary can provide payment guarantee to the second beneficiary without using its credit limit at Vietcombank.
 To use
 
  • Customer request the issuing bank to issue a transferable L/C in which does not comprise any term or condition that make the L/C untransferable. The L/C regulates that Vietcombank is the transferring bank or the nominating bank.
  • The first beneficiary can transfer the L/C to one or many second beneficiaries. If partial delivery is not allowed, the first beneficiary transfers the L/C to only one second beneficiary.
  • The second beneficiary does not allow to transfer to the next beneficiary.
Forms
 
Current forms of Vietcombank (See here)
 
Fees
 
Fee schedule (See here)
 
Contacts
 
Please contact one of our specialists for further information. (See here)

 

IMPORT PAYMENTS

 
1.   Issuance of L/C
 
Vietcombank will open L/C upon customer’ request (importer). L/C can be issued without or with a given amount of cash cover depending on each specific customer as well as agreement between the customer and Vietcombank. 
 
Customers
 
Import enterprises;
 
Benefits
  • L/C is issued within 24 hours of receipt of customer’s request. Moreover, as one of leading banks of Vietnam, especially its prestige in international payments, L/C issued by Vietcombank is accepted by most banks in the world ;
  • Credit can be granted to customers by Vietcombank by exempting or decreasing the cash cover for L/C opening.
 
To use
 
Customers need to present following documents to request Vietcombank for to L/C opening :
 
  • Application for a letter of credit;
  • Commercial contracts (import- export contracts) or legally equivalent documents (if available);
  • Import permission of relevant Ministries for conditional imported goods.
 
 Forms
 
Current forms of Vietcombank (See here)
 
Fees
 
Current banking tariff of Vietcombank (See here)
 
Contacts
 
Please contact one of our specialists for further information. (See here)
 
 
2.   Payment of L/Cs
 
After receiving documents sent by overseas banks, Vietcombank will check and advise to customers .
·         If documents are in conformity with terms and conditions of the L/C, Vietcombank will pay the beneficiary.
·         Otherwise, Vietcombank will advise the customer of the inconformity of the documents. If accepting the documents, the customer will make payment or acceptance to pay and receive the documents. Conversely, Vietcombank will refuse to pay the beneficiary.
 
Customers
 
Import enterprises;
 
Benefits
  • Vietcombank will assist customers in dealing with the documents in order to minimize payment risks, such as inaccurate goods delivery, lack of goods, fraud,…
  • Payment will be made fast at the most reasonable cost because payment is mainly made directly between Vietcombank and foreign banks, or through intermediary banks but with minimum quantity. Thus, customers’ competitiveness will be enhanced.
To use
 
  • For at sight L/C: If documents are in conformity with terms and conditions of the L/C, customers need to pay the amount of money which are not deposited for the cash cover and receive the documents.
  • For deferred L/C: If documents are in conformity with terms and conditions of the L/C, customers will pay the fee of payment acceptance, receive the documents and make payment in due time.
 Fees
 
Fee schedule (See here)
 
Contacts
 
Please contact one of our specialists for further information. (See here)
 
 
3.   Bill of Lading endorsement/Delivery Authorization issuance under L/C, Collection or Shipping guarantee
 
Vietcombank will endorse Bill of Lading or issue Delivery Authorization or Shipping Guarantee for customers to receive goods (if losing shipping documents) from transporters.
  • Customer present application for endorsement of Bill of Lading/Issuance of Delivery Authorization
  • After checking terms of payment including cash covers and loans to make payment, Vietcombank will endorse Bill of Lading or issue Delivery Authorization under the L/C.
 
Customers
 
Import Enterprises;
 
To use
 
Customers need to present documents including:
    1. Application for Endorsement of Bill of Lading/Delivery Authorization issuance.
    2. Invoices;
    3. Original shipping documents (Under circumstance of guarantee of goods receipt, present hardcopy of shipping documents)
 
Forms
 
Application for Endorsement of Bill of lading - PL26
Application for Issuance of Delivery Authorization - PL25;
Application for Shipping Guarantee - PL24
 
Contacts
 
Please contact one of our specialists for further information. (See here)
 
 
4.   Collection Advising and Payment
 
Upon receipt of collection documents from overseas banks, Vietcombank will advise customers within the same working day. Customers will receive the documents after making payment or accepting to pay.
To use
  • For D/P collection (Documents against Payment): You need to make payment in order to receive the documents.
  • For D/A collection (Documents against Acceptance): You need to make payment commitment on paper or to sign the bill of exchange.
 
Fees
 
Fee schedule (See here)
 
Contacts
 
Please contact one of our specialists for further information. (See here)
 
 
Typical customers using import - export payment services made by Vietcombank

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CHECK SERVICE

 1.           Domestic check service
1.1        Domestic check providing
 
Vietcombank sells blank checks to customers who meets the conditions of check service. Customers can also enhance the playability of the checks and the security of the payment by asking Vietcombank to certify the checks.
 
Benefits
 
  • An effective non-cash payment channel, which reduces the risk of carrying cash while ensuring payment immediately;
  • Wide payment network in Vietnam and internationally (for checks issued in foreign currencies). Beneficiary can present the check at any Vietcombank branches or commercial banks for collection;
  • Open and flexible product design. Customers can choose:
1.    Pay to account only
2.    Crossed check
3.    Use check to withdraw cash from account
4.    Issue and sign check in VND or foreign currency
 
Forms
 
Application for check books
Application for certified check
 
Fees
 
Current banking tariff of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on products. (See here)

1.2        Domestic check payment
 
Vietcombank provides immediate payment service for customers who use the checks Vietcombank issues and signs.
 
Benefits
 
Presenters can choose to:
·         Present at counters: Customers can present checks for payment at any Vietcombank branches.
·         Present via clearing centre
 
Vietcombank has program to track lost and stolen checks network-wide, minimizing the risk of paying not to the right beneficiary.
 
Forms
 
Check deposit slip  
Collection order

 
Fees
 
Fee schedule (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on the products. (See here)
 
1.3        Domestic check collection
 
Vietcombank provides collection service for checks issued by another payment service provider. The amount of the check will be credited to the customer after the payment service pays or accept to pay, normally within 3-5 days.
 
Benefits
 
·         Customers can present checks for payment at any Vietcombank branch.
·         Vietcombank pro-actively contacts the payment service provider to ensure update the customer on the check status at the soonest.
 
Forms
 
Check deposit slip 
 
Fees
 
Current banking tariff of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on products. (See here)
 
2.           Foreign check service
 
2.1        Foreign check payment
 
Vietcombank provides final payment service for checks issued by a foreign correspondent bank of Vietcombank, which designates Vietcombank as the paying bank.
 
Benefits
 
  • Checks can be sent directly from overseas to Vietcombank. Vietcombank automatically credits the customer’s account and inform him/her, or inform the customer to go to the nearest Vietcombank branch to proceed.
  • In case the check is sent directly to the beneficiary, the beneficiary can present the check for payment at any Vietcombank branches.
 
Forms
 
Bank draft payment application  
 
Fees
 
Fee schedule (See here)
 
Contacts
 
Please contact one of our specialists for detailed consulting and instruction on the products. (See here)
 

2.2        Foreign check collection
 
Vietcombank check collection service with foreign banks.
 
 
Benefits
 
  • Organization customers can present checks for collection at any Vietcombank branch.
  • Credit organization customers can present checks for collection at any Vietcombank branch or send via mails.
  • Vietcombank signs check collection contracts and agreements with many Correspondent Banks all over the world, ensuring checks are sent for collection continuously and check amounts are paid at the soonest.
  • Vietcombank pro-actively contacts the payment service provider to ensure update the customer on the check status at the soonest.
 
Forms
 
Request for collection  
 
Fees
 
Current banking tariff of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on products. (See here)
 

2.3        Selling traveler’s check
 
Vietcombank acts as the agency to issue traveler’s checks for correspondent banks.
 
Benefits
 
  • Traveler’s checks issued by Vietcombank are highly liquid, widely accepted and easy to be converted to cash.
  • Users can be sure of their playability, especially in foreign currencies, when going abroad without worrying about the risk of being stolen or difficulties when carrying cash.
 
Forms
 
Application for traveler’s checks
 
Fees
 
Fee schedule (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on the products. (See here)
 
2.4        Paying traveler’s check
 
Vietcombank acts as the agency to pay traveler’s checks for correspondent banks.
 
Customers
 
Companies need to exchange traveler’s checks to cash.
 
Benefits
 
  • With wide network all over Vietnam, the service brings convenience to customers. In case the check doesn’t meet the conditions to be paid immediately, Vietcombank will accept collection.
  • With modern system infrastructure, Vietcombank has program to continuously track lost and stolen checks.
  • Depending on correspondent bank’s agreement, Vietcombank provide compensation service for customers in case the checks are lost or stolen. Customers can be sure of their money.
 
Forms
 
Application for money exchange
Check deposit slip
 
Fees
 
Current banking of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on the products. (See here)
 

 

AUTOMATIC SALARY PAYMENT SERVICE

 
Automatic Salary Payment Service is a combination of automatic account transfer and Vietcombank Connect 24 card service. Based on the payroll provided and being entrusted by you, Vietcombank will debit your accounts to credit the money to your employees’ account.
 
Benefits
 
  • Time, labor work and cost saving;
  • Simple use of service;
  • A high quality value-added service for employees:
Not only bringing benefits to customers, Automatic salary payment service also brings great advantages to officers of your organization.
·         No time needed for cash counting and salary receiving;
·         Feeling secure about the accuracy, punctuality of the service;
·         No cash carrying;
·         Enjoying conveniences brought by account transaction service especially Vietcombank Connect 24 automatic transaction card service:
o   Account transactions no longer depend on the account opening location;
o   Customers do not have to open so many accounts.;
o   Customers can also use Connect 24 cards to pay electricity bill, telephone charges, and make payment in shops, supermarkets and merchants all over the country without using cash;
o   The system with many ATMs and merchants for commodity and services with the use of ATM cards brings conveniences to card owners;
o   The strategy of expanding the ATM system into domestic and international markets will increase the conveniences for holders of ATM cards.
 
·         High security and safety;
·         Low cost of service;
Forms
 
Current forms of Vietcombank (See here)
 
Fees
 
Current banking tariff of Vietcombank (See here)
 
Contacts
 
To have more information, please contact one of our specialists for detailed consulting and instruction on products. (See here)
 
  

BILL PAYMENT VIA ONLINE BANKING SYSTEM (BILLING SERVICE )

 
This is an added - value service developed upon core banking services. This service enables your esteemed Companies to collect bills payments from customers the following payment services:
  • Automated Teller Machine (ATM) System
  • Point of Sale (POS) System
  • Internet banking System
  • Over the counter payment System
Customers
Companies with a large customer database.
Benefits
·         Save time, human resources and money: Your esteemed companies no longer waste time and human resource collecting fees periodically. Transaction data is monthly reviewed and counter-checked by both the Bank and the companies with a close cooperation.
·         High quality services and added values to the companies:
Besides the mentioned benefits, Billing service bring a great number of facilities to the companies’ customers which indirectly increase the companies’ competitive advantages, such as:
1.    Manage time actively (customers don’t have to stop their work to meet bill collectors)
2.    Don’t have to bring cash with yourself
3.    Large number of POS and ATMs creates convenience for payment (in addition to branches and POS system, Vietcombank has 1.200 ATMs located in many city centers, shopping malls and residential areas across Viet Nam).
4.    Fees payment via online banking system is not only an effective solutions but also a motivation for busy customers to use your companies’ services. With this service, it takes your customers only few minutes to sign on internet and make their bill payments.
·         High security: All of the information related to customer’s transactions is safely and confidentially stored by the bank. Our system uses standard security solutions which provide a high level of security in payment transaction while still securing a high convenience for customer. .
·         In accordance with modern trend, Billing service is an appropriate alternative which minimizes cash transactions.
Contact
To have more information, please contact one of our specialists for detailed consulting and instruction on products. (See here)